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Technology Stocks : ADSL IS DEAD

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To: Michael H who wrote (34)	10/19/2000 9:11:54 AM
From: elmatador	Read Replies (1) of 135

DSL maker dives on warning By Victoria Burnett Published: October 18 2000 17:10GMT \| Last Updated: October 18 2000 17:40GMT Shares in Copper Mountain Networks, the digital subscriber line (DSL) equipment maker, plummeted on Wednesday after the company said it expected slack demand to produce a sharp decline in earnings during the fourth quarter of the year. Shares in Copper Mountain were down 63 per cent at $9.90, far from their high in July of $125.69. The company said on Tuesday that it expects revenue of about $60m in the fourth quarter, after posting revenue of $93m in the third quarter, and fourth-quarter earnings excluding acquisition costs and stock compensation costs of 4 to 6 cents per share. Earnings during the third quarter were 27 cents per share, one cent higher than the consensus estimate of analysts polled by First Call/Thomson Financial. The company blamed the projected decline in sales and profits on cuts in spending by telecommunications companies, which it said are slowing down plans for building networks for fast internet access. Digital subscriber lines use regular copper phone lines to allow high-speed internet access. Meanwhile, shares in Covad, which provides broadband communications services, were down 53 per cent at $4.06 at midday. The company after market close on Tuesday reported a loss

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